By Reuters Staff
FILE PHOTO: Jim Chanos, Founder and Managing Partner of Kynikos Associates LP speaks at the Reuters Global Investment Outlook summit in New York, November 19, 2013. REUTERS/Mike Segar/File Photo
(Reuters) – Jim Chanos, who has been short on Tesla Incs stock for five years, has reduced his bet against the electric carmaker, the short-seller told Bloomberg News on Thursday.
Chanos told Bloomberg he has never met or had a conversation with Elon Musk, but if they were to meet he would say “job well done so far.” (bloom.bg/2VuaESO)
The change in tone from the bearish investor, whose hedge fund Kynikos Associates first disclosed the short position in 2016, comes ahead of Teslas entry to the S&P 500 benchmark index on Dec. 21.
Teslas stock has risen nearly seven-fold so far this year. Its shares were up 3.2% on Thursday, extending its meteoric rally.
“Obviously this is not being valued as a car company, it’s being valued on Musk … he’s the reason people own the stock,” Chanos had said in 2017. (reut.rs/3qmx5HP)
Chanos did not immediately respond to a Reuters request for comment.read more
Jim Chanos reduces size of Tesla short: Bloomberg News – Reuters
